ROARABLE // PRO
GLOBAL DESKS // NYC --:--:-- NYSE
US TAPE
ROAR ▸

BRN // Barnwell Industries Inc.

DES <GO> NYSE RQD COCKPIT → CIK 0000010048 ↗
Energy • Oil & Gas Production
$0.88 ▼ -0.01 (-1.24%)
MKT CAP: $12.9M • VOL: 14.6K
BRN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE
PRIOR: RQD 26/100 [E] (-1 PT) • UNCHANGED
ROARABLE E
RQD CONFIDENCE
25 / 100 -1D
5 X 20-PT QUANT PILLARS
E 0 D 35 C 59 B 70 A 86+
Roarable Strong Sell — Forensic Risk / Avoid
01 MASSIVE / SEC XBRL
Forensic Fundamentals
3 / 20
CRITICAL
FCF -120% vs NI -27.6% • ROIC-WACC -8.1% • Z 0.8
02 INSTITUTIONAL TAPE & TREND
Whale & Options Flow
6 / 20
CRITICAL
52W RANGE 29% • VS 200D -3.8% • RSI 41.5
03 SEC XBRL CAPITAL ALLOCATION
Insider & Capital Conviction
[LOCKED] FLAGGED
UNLOCK BELOW TO REVEAL
04 FRED 90D r-MATRIX
Macro Regime Fit
8 / 20
WARNING
HEADWIND • r(10Y)=+0.10 (+19bp) • r(OAS)=-0.04
05 10-K REDLINE AUDIT
Forensic 10-K Risk
[LOCKED] FLAGGED
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ALERT

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BRN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -23.48%▼ DESCENDING CHANNEL
2026-11-04O $0.87H $0.89L $0.87C $0.88VOL 65.7K
$1.18$1.09$1.00$0.90$0.81RES $1.03SUP $0.80$0.882026-05-052026-06-182026-08-052026-09-212026-11-04
BRN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE
UNDERWEIGHT CONVICTION: 28/100
BEAR 0
100 BULL

Barnwell Industries Inc. (BRN) exhibits 45.0% gross margins and 0.5% return on invested capital within Energy (Oil & Gas Production), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)
01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 0.2% operating margin and 0.5% ROIC, outpacing sector cost of capital.

ROIC: 0.5% // GM: 45.0%
02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -24.2% paired with 2.80% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -24.2% // FCF YLD: 2.80%
03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.80 and Piotroski F-Score of 1/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.80 // F-SCORE: 1/9
▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)
01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —
02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $0.88 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85
03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Oil & Gas Production require continuous execution to defend -51.9% net margins.

NET MARGIN: -51.9% // D/E: 0.45x
KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.
MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).
FORM 4 & 13F FLOW OPEN OWN <GO>
FILER SIDE $ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>
UNUSUAL OPTIONS TAPE OPEN OPT <GO>
STRIKE / EXP TYPE PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>
KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>
TRAILING P/E —
FORWARD P/E —
EV / EBITDA —
FCF YIELD —
GROSS MARGIN —
OPERATING MARGIN 0.2%
NET MARGIN -51.9%
ROIC % 0.5%
REV GROWTH YOY -24.2%
DILUTED EPS TTM —
DEBT / EQUITY —
DIVIDEND YIELD 0.00%
RSI-14 MOMENTUM 46.0
5Y EQUITY BETA —
FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>
MACRO CORRELATION CALIBRATION ACTIVE BELOW.
FRED MACRO REGIME STRESS-TEST SIMULATOR // BRNPEARSON R VARIANCE ENGINE
01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO
02 // POSITION NOTIONAL EXPOSURE
HEADLINE STRESS SCORE
75/100SEVERE DRAWDOWN PRESSURE
PRIMARY FACTOR EXPOSURE
DFII10 // -0.61 r
Latest: 2.08%
EST. DIRECTIONAL MOVE
-8.50%
Implied Px: $0.81
EST. DOLLAR VARIANCE
-$4,248
On $50,000 Notional
[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

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HEAD-TO-HEAD PEER COMPARISONS COMP <GO>